A payday loan is a type of short-term borrowing where a lender will extend high-interest credit based on a borrower's income and credit profile. A payday loan's principal is typically a portion of a borrower's next paycheck. These loans charge high-interest rates for short-term immediate credit. These loans are also called cash advances, short-term loans. Many states have laws that regulate payday loans. Some states, such as Arizona and North Carolina, have outright banned payday loans.
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